The Editorial Team |

Egypt’s El-Sisi Gets Competition – And It’s From a Backer

CAIRO (Capital Markets in Africa) – Egypt’s Abdel-Fattah El-Sisi has a last-minute challenger in March’s presidential race — a staunch backer. Al-Ghad party chairman Mousa Moustafa Mousa, who founded a group that endorsed El-Sisi’s re-election bid, filed candidacy papers with the electoral commission just minutes before the 2 p.m. deadline on Monday, state-run Middle East News Agency reported. Mousa entered the race after others either withdrew or were disqualified. But his challenge won’t allay critics who say…

Foreigners Pile Into Nigerian Stocks, New York ETF as Oil Climbs

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LAGOS (Capital Markets in Africa) – Nigeria’s stocks have been among the world’s best-performers in the past four months, and foreign investors are a big reason for that. Net foreign inflows to Nigerian equities totalled 337 billion naira ($940 million) last year, the first time flows have been positive since at least 2013. December was the best month since Bloomberg started compiling data at the beginning of 2014, with net inflows of 140 billion naira,…

Gas Flaring Law Error Cost Nigeria Billions of Dollars, Says Finance Minister

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LAGOS (Capital Markets in Africa) – Africa’s top oil producer plans to make gas flaring more costly for companies that have escaped the payment of billions of dollars despite being fined, Nigerian Finance Minister Kemi Adeosun said. In the “legal framework for the gas-flaring penalty, it was drafted as a charge. A charge is tax deductible,” Adeosun said in a January 23 interview. “So, what do the international oil companies do? They flare, they pay the charge…

Emerging Africa Infrastructure Fund leads and closes financing of €78 million 50MW in Akuo Energy’s solar plant in Mali

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BAMAKO (Capital Markets in Africa) – The Emerging Africa Infrastructure Fund (EAIF), which is part of the Private Infrastructure Development Group (PIDG), and Akuo Energy, the leading French green IPP, today announce the signing of financing of the Akuo Kita Solar power plant, to be built at Kita in southern Mali. It will be the first photovoltaic power station in Mali owned and run by a private sector independent power producer. Two other PIDG companies,…

Anglo Continues South Africa Coal Exit With New Largo Sale

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JOHANNESBURG (Capital Markets in Africa) – Anglo American Plc agreed to sell its New Largo coal project in South Africa to a group of black-controlled companies, bringing it closer to an exit from operations designed to supply coal to the country’s power plants. Anglo will sell New Largo to Seriti Resources Pty Ltd., Coalzar Pty Ltd. and South Africa’s Industrial Development Corp. for 850 million rand ($71 million), the company said in a statement Monday. State-owned power…

Banks Lead Declines as South African Stocks Fall Most in 7 Weeks

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JOHANNESBURG (Capital Markets in Africa) – FTSE/JSE Africa All Share Index closes 1.4% lower on Monday, biggest decline since Dec. 6. “The rand is weaker — a little bit of the excitement and positivity of Cyril Ramaphosa in Davos is waning,” Michele Santangelo, a money manager at Independent Securities, says by phone. “A lot of stocks that have had huge runs that are coming off, particularly in the financial sector, had a great start to the…

Deutsche Warns Against Crypto-Currencies, Risk of Total Loss

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LAGOS (Capital Markets in Africa) – Deutsche Bank AG’s Wealth Management currently does not advise to invest in crypto-currencies, according to Markus Mueller, Global Head of Chief Investment Officer. Problematic issues include high volatility, possible price manipulation and data loss or data theft, he told Bloomberg News in an interview. “We do not recommend that. It’s only for investors who invest speculatively,” he said. “There is a realistic risk of total loss.” According to Mueller, recent price increases…

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